. Bell telephone magazine . 14,the essential character of the owner-ship is much the same. At that earlierdate, the stock was already widelyheld, and such changes in distributionas have since taken place have onlyserved to broaden this , as now, no single stockholderor small group owned a controlling in-terest or even a large proportion ofthe shares, and no individual ownedas much as one per cent of the holdings of owners of 100 sharesor more have declined since 1914from 69 per cent to 49 per cent oftotal; shares in the hands of foreignholders have decreased from 4 perc
. Bell telephone magazine . 14,the essential character of the owner-ship is much the same. At that earlierdate, the stock was already widelyheld, and such changes in distributionas have since taken place have onlyserved to broaden this , as now, no single stockholderor small group owned a controlling in-terest or even a large proportion ofthe shares, and no individual ownedas much as one per cent of the holdings of owners of 100 sharesor more have declined since 1914from 69 per cent to 49 per cent oftotal; shares in the hands of foreignholders have decreased from 4 percent to 2 per cent of total; and sharesheld in brokers names have droppedfrom 5 per cent to IMj per cent oftotal. Numerically, ownership of the stockby women has shown the greatest 19^2 A. T. & T. Stockholders in Two Wars 273 TOTAL ASSETSAND CAPITAL OBLIGATIONS IN MILLIONS OF DOLLARSBELL SYSTEM TOTAL ASSETS TOTAL CAPITAL OBLIGATIONSI OUTSTANDING, PREMIUMS AND SURPLUS (CJT TOTAL CAPITAL OBLIGATIONSOUTSTANDING AND PREMIUMS. i^imfFI MORTGAGE DEBTIll I I I I I ] 5,000 4,000 3,000 2,000 1,000 Growth of the Bell System over the years indicates the increasiufj value of telephone service to the nation. increase. Approximately 363,000women are today registered share-holders of the company, as comparedwith approximately 30,800 at the endof 1914, and they now own 43 per centof the stock. A type of investmentholding which has become increas-ingly popular in recent years is thejoint account of two owners with rightof survivorship. More than 50,000joint holdings are now registeredon the stock books of the 186,000 men are reg-istered shareholders today, as com-pared with approximately 22,700 atthe end of 1914, and they now owndirectly 28 per cent of the 62,000 owners are Bell Systememployees. A less numerous but still importantgroup are the trustees who hold A. T. & T. stock. There are, in all, 32,000trust accounts on the books, with aregistered ownership of $
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